Visa and Mastercard Users Flip your card over and look at the signature box. You should see either the entire 16-digit credit card number or just the last four digits followed by a special 3-digit code. This 3-digit code is your Card Security Code.
HOW CREDITCARDWORKS?
Every time one uses a credit card to purchase something, several industry players offering different services then come forward to complete the transaction. On the back of the card is a magnetic strip. This strip, also known as a track, is a read/write code that identifies your PIN, your country code, your currency, etc. Once the card is swiped across the point-of-sale terminal (POS), the terminal electronically reads the cards holder information and then through a phone line, it asks for an authorization to complete the transaction from the processing network which is responsible for translating the information given at the POS sale point. The data is then sent to the issuing bank to check whether the account is valid and that the transaction is within the allowed credit limits. The network is then triggered to send an approval code to the POS terminal. The details are then saved at the PoS which are then sent to the processing bank at the end of the day which then pays funds into the merchant’s account. SEE ILLUSTRATION OF HOW A CREDIT CARD TRANSACTION WORK
Visa and Mastercard Users
Flip your card over and look at the signature box. You should see either the entire 16-digit credit card number or just the last four digits followed by a special 3-digit code. This 3-digit code is your Card Security Code.
HOW CREDIT CARD WORKS?
Every time one uses a credit card to purchase something, several industry players offering different services then come forward to complete the transaction.
On the back of the card is a magnetic strip. This strip, also known as a track, is a read/write code that identifies your PIN, your country code, your currency, etc. Once the card is swiped across the point-of-sale terminal (POS), the terminal electronically reads the cards holder information and then through a phone line, it asks for an authorization to complete the transaction from the processing network which is responsible for translating the information given at the POS sale point.
The data is then sent to the issuing bank to check whether the account is valid and that the transaction is within the allowed credit limits. The network is then triggered to send an approval code to the POS terminal. The details are then saved at the PoS which are then sent to the processing bank at the end of the day which then pays funds into the merchant’s account.
SEE ILLUSTRATION OF HOW A CREDIT CARD TRANSACTION WORK
THE POINT-OF-SALE TERMINAL(POS)